Home and auto insutech Branch Insurance has closed a $50 million Series B funding round to help fuel its national and partner channel expansion.
The round was led by Anthemis Group with participation from investors such as HSCM Bermuda and SCOR P&C Ventures.
Branch focuses on removing as much friction as possible from the insurance-buying process, in an effort to enable it to partner across the mortgage, home building, auto, and home security industries and instantly embed Branch into the buying experience.
By integrating insurance at the point of sale of other products, Branch says it pays less than traditional insurers for customer acquisition and therefore offers a lower price.
Branch has reportedly already inked deals with industry-leading names like Rocket Mortgage and ADT and, with this new funding, plans to accelerate its rollout across the U.S. to enable more national embedded partnerships.
“The industry is structurally flawed and it harms consumers. Complicated policies, rising costs, and marketing warfare all contribute to a vicious cycle that results in overpriced insurance,” said Steve Lekas, Cofounder and CEO of Branch.
“Branch was built differently in order to break that cycle and introduce consumers to insurance that is simple to buy, offered in moments of convenience, and meaningfully less expensive.”
“It’s no coincidence that Branch is the first investment from our new growth fund; we are thrilled to support a company so aligned to Anthemis’ core values of authentic collaboration, virtuous cycle outcomes, and diversity and inclusivity,” said Ruth Foxe Blader, Partner at Anthemis Group.